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Gulf stocks close mixed on Q3 results
Published in The Saudi Gazette on 16 - 10 - 2010

JEDDAH: Gulf stock markets reflected mixed performance this week mainly due to investors' reactions to the third quarter results and concerns over future economic developments in the world's major economies, financial analysts said Friday.
However, they expressed optimism over regional stocks, citing rising oil prices and the strong macroeconomic standings of Gulf states, particularly Saudi Arabia, Kuwait and United Arab Emirates.
Oil and other energy contracts fell Friday as the dollar grew stronger and the economic picture remained unclear as banks struggled with the foreclosure crisis.
Benchmark oil for November delivery lost $1.44 to settle at $81.25 a barrel on the New York Mercantile Exchange.
In London, Brent crude dropped $1.75 to $82.45 a barrel on the ICE Futures exchange.
The dollar edged up in New York against the euro and the pound after sinking to multimonth lows earlier. A broad measure of the dollar's value ticked up 0.1 percent after dropping about 8 percent since Federal Reserve Chairman Ben Bernanke first hinted that the Fed was ready to act to provide further support to the economy. He underscored those expectations on Friday.
In late trading, the euro fell to $1.3963 from $1.4057 late Thursday. Earlier in the day, it hit a nine-month high of $1.4157.“Crude oil prices remained under pressure below 83 dollars per barrel,” said Sucden analyst Myrto Sokou.
Saudi stocks were the region's major loser this week, mainly due to disappointing third quarter results of the banking sector.
The Tadawul All Share Index (TASI) of the Arab world's largest stock exchange shed 1.7 percent on weekly basis, to close at 6,302.52 points.
“I believe the Saudi market has suffered from the negative impact of the third quarter results released so far by banks, which fell short of expectations by consultancy houses,” Saudi analyst Khalid Harethi said.
He pointed out that allocations for doubtful loans were behind the decline in third quarter earnings of certain banks, which could indicate the adoption of harsher policies by Saudi banks in extending credit to potential clients.
The Saudi petrochemical sector unveiled good profits for the third quarter, preventing stocks from sliding further, analysts said.


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